Small Finance Bank Stocks and Companies in India

The largest Small Finance Bank stocks in India by market value are AU Small Finance Bank (₹70,050 crore), Ujjivan Small Finance Bank (₹11,569 crore) and Equitas Small Finance Bank (₹6,257 crore), at prices of 6 Nov 2026.

• AU Small Finance Bank: ₹931.80 | market value ₹70,050 crore | P/BV 3.3
• Ujjivan Small Finance Bank: ₹59.24 | market value ₹11,569 crore | P/BV 1.6
• Equitas Small Finance Bank: ₹54.69 | market value ₹6,257 crore | P/BV 1.0
• Jana Small Finance Bank: ₹407.20 | market value ₹4,310 crore | P/BV 0.9
• ESAF Small Finance Bank: ₹42.04 | market value ₹2,170 crore | P/BV 1.1
• Utkarsh Small Finance Bank: ₹11.73 | market value ₹2,087 crore | P/BV 0.8
• Suryoday Small Finance Bank: ₹145.76 | market value ₹1,549 crore | P/BV 0.7
• Capital Small Finance Bank: ₹270.85 | market value ₹1,233 crore | P/BV 0.8
• Fino Payments Bank: ₹122.60 | market value ₹1,020 crore | P/BV 1.4

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 9 listed Indian Banks - Small Finance companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Banks - Small Finance index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. AU Small Finance Bank Ltd₹65,000 cr
2. Ujjivan Small Finance Bank Ltd₹10,400 cr
3. Equitas Small Finance Bank Ltd₹6,130 cr
4. Jana Small Finance Bank Ltd₹3,950 cr
5. ESAF Small Finance Bank Ltd₹2,190 cr
6. Utkarsh Small Finance Bank Ltd₹2,040 cr
7. Suryoday Small Finance Bank Ltd₹1,430 cr
8. Capital Small Finance Bank Ltd₹1,240 cr
9. Fino Payments Bank Ltd₹972 cr

9 Small Finance Bank companies in the Banks - Small Finance industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 9 are listed below, largest first. The largest is AU Small Finance Bank (₹64,953 crore) and the smallest with a market value is Fino Payments Bank.

Download all 9 Small Finance Bank companies (CSV)

The line below covers up to 5.1 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 12% behind NIFTY 500. Earnings across its companies fell 4% on average over the last four reported quarters.

1 of 9 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 9 companies in the industry index above their 200-day average (3 fewer than four weeks earlier); 1 of those 9 pass the momentum test (2 fewer than four weeks earlier); earnings rising at 7 of the 9 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 7 of 9 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 9 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Banks - Small Finance has done worse than the NIFTY 500 by 3.2% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 12.9%. ESAF Small Finance Bank Ltd is the strongest against the sector itself at +47.1%.

Banks - Small Finance has done worse than the NIFTY 500 by 3.2% over 52 weeks and by 12.9% over 13 weeks. 1 of 9 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 2 of the 7 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Capital Small Finance Bank Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

ESAF Small Finance Bank Ltd has the strongest one-year price move in Banks - Small Finance at +51.1%. It also leads on relative strength against the NIFTY, at +40.6%. 2 of 9 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Banks - Small Finance itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

7 of 8 Banks - Small Finance companies held a results call for July to September 2026. Capital Small Finance Bank guided: FY27 advance growth 20-22% with positive bias.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.8 points over the last two quarters. Founders and promoters cut theirs by 0.6 points.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 9 Banks - Small Finance companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Banks - Small Finance figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 22 Jul 2026, so the words are older than the numbers. 2 themes are live here.

The Small Finance Bank sector shows divergent performance in Q4 FY26. AUBANK reported Q4 PAT of ₹832 crores, up 65% YoY, achieving an ROA of 1.8% one year ahead of schedule. In contrast, JSFB delivered a recovery quarter with PAT of ₹140 cr but closed FY26 with lower full-year profits compared to FY25.

How old this read is: OLD: this read comes from our Banks - Small Finance sector brief dated 22 Jul 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Banks - Small Finance sector brief, 22 Jul 2026 · company earnings-call transcripts.

AU Small Finance Bank Ltd has the highest Income among the 9 Banks - Small Finance companies compared here, at ₹20,661 crore. Ujjivan Small Finance Bank Ltd is next at ₹7,808 crore. Suryoday Small Finance Bank Ltd has the highest Income growth at 25.2%, so level and change sit with different companies.

What the numbers say: AU Small Finance Bank Ltd is the largest at ₹20,661 crore, 164.6% ahead of Ujjivan Small Finance Bank Ltd. Suryoday Small Finance Bank Ltd's growth is 25.2% from a ₹2,471 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: AU Small Finance Bank Ltd is the size to compare against; Suryoday Small Finance Bank Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: AU Small Finance Bank Ltd's growth falls below Suryoday Small Finance Bank Ltd's for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

AU Small Finance Bank Ltd has the highest Net profit among the 9 Banks - Small Finance companies compared here, at ₹3,154 crore. Ujjivan Small Finance Bank Ltd is next at ₹1,150 crore. Equitas Small Finance Bank Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: AU Small Finance Bank Ltd earns the most, ₹3,154 crore of profit over the last 12 months, 174.3% above Ujjivan Small Finance Bank Ltd. Equitas Small Finance Bank Ltd shows at least 100% on the scoring scale growth from a profit base of ₹705 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: AU Small Finance Bank Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

AU Small Finance Bank Ltd has the highest Deposits among the 9 Banks - Small Finance companies compared here, at ₹1,70,460 crore. Equitas Small Finance Bank Ltd is next at ₹52,483 crore. The same company also has the highest Borrowings, at ₹14,239 crore. 9 of 9 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: AU Small Finance Bank Ltd leads both deposits at ₹1,70,460 crore and borrowings at ₹14,239 crore.

What this means: AU Small Finance Bank Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

Funding base · company comparison

Deposits · largest deposit bases

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Ujjivan Small Finance Bank Ltd has the highest ROA among the 9 Banks - Small Finance companies compared here, at 2%. AU Small Finance Bank Ltd is next at 1.5%. ESAF Small Finance Bank Ltd has the highest ROA change at +3 percentage points, so level and change sit with different companies.

What the numbers say: Ujjivan Small Finance Bank Ltd leads roa at 2%; ESAF Small Finance Bank Ltd leads roa change at +3 percentage points.

What this means: Ujjivan Small Finance Bank Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

Return on assets · company comparison

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

AU Small Finance Bank Ltd has the highest ROE among the 9 Banks - Small Finance companies compared here, at 14.2%. Ujjivan Small Finance Bank Ltd is next at 10.8%. ESAF Small Finance Bank Ltd has the highest ROE change at +34.6 percentage points, so level and change sit with different companies.

What the numbers say: AU Small Finance Bank Ltd leads roe at 14.2%; ESAF Small Finance Bank Ltd leads roe change at +34.6 percentage points.

What this means: AU Small Finance Bank Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.

Return on equity · company comparison

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

AU Small Finance Bank Ltd has the lowest Gross NPA among the 9 Banks - Small Finance companies compared here, at 2%. Ujjivan Small Finance Bank Ltd is next at 2.1%. ESAF Small Finance Bank Ltd has the lowest GNPA change at −5.7 percentage points, so level and change sit with different companies.

What the numbers say: AU Small Finance Bank Ltd leads gross npa at 2%; ESAF Small Finance Bank Ltd leads gnpa change at −5.7 percentage points.

What this means: AU Small Finance Bank Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

Asset quality · company comparison

Gross NPA · lowest

GNPA change · fastest improvers

All-company data · latest reported quarter

Capital Small Finance Bank Ltd has the lowest P/BV ÷ ROE among the 9 Banks - Small Finance companies compared here, at 0.08×. Suryoday Small Finance Bank Ltd is next at 0.09×. Suryoday Small Finance Bank Ltd has the lowest P/BV at 0.65×, so level and change sit with different companies.

What the numbers say: Capital Small Finance Bank Ltd has the lowest comparable P/BV ÷ ROE at 0.08×, 11.1% below Suryoday Small Finance Bank Ltd. Only 7 of 9 companies have earnings and growth steady enough for the ratio to mean anything, so this does not make it the lowest-valued company in the whole industry. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV